Globex Exploration Update- Devil's Pike Gold Property, New Brunswick
ROUYN-NORANDA, QUÉBEC--(Marketwired - Sept. 6, 2016) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(STUTTGART:G1M)(BERLIN:G1M)(MUNICH:G1M)(XETRA:G1M)(OTCQX:GLBXF) is pleased to inform shareholders that initial prospecting on the 100% owned Devil's Pike Gold Property located in New Brunswick has returned highly prospective gold assays from grab sampling on two separate areas of the property which have seen very limited historical exploration work.
Sampling from the Albright Brook occurrence area was highlighted by assays of 4.44 gpt Au and 2.14 gpt Au, while the Grant Brook Central occurrence area returned assays of 3.57 gpt Au and 5.18 gpt Au as well as other anomalous values where historical grab samples returned 3.62 gpt Au and 10.9 gpt Au respectively. The current assay results are summarized in table 1 at the end of this release.
The two areas are located on the northern portion of the property and are approximately 4 km apart. Historic trenching and/or drilling in these two areas consist of only a single drill hole completed in 2008 by Rockport Mining Corp in the Albright Brook area. This drill hole (DP-08-36) intersected a wide zone of low grade gold mineralization, 0.56 gpt Au over 21.52 m including 1.24 gpt Au over 2.36 m hosted within a sericite altered quartz feldspar porphyry. Recent sampling of similar altered angular porphyry boulders assayed 4.44 gpt Au and 17.2 gpt Ag. Anomalous rock samples collected from the Grant Brook Central area, which include 5.18 gpt Au over 0.7 m, were from large angular boulders, subcrop and bedrock of quartz veined argillite exposed intermittently within an area approximately 150 m long by 25 m wide.
Globex has completed 11 km of grid on the property, a soil geochemical survey consisting of 406 soil analysis and prospecting/geological surveys. The prospecting work led to the collection and analysis of 24 rock samples. Globex is currently reviewing the results and is considering a drill program to further evaluate portions of the property.
Globex would like to acknowledge the financial support provided by the Province of New Brunswick through the New Brunswick Junior Mining Assistance Program (NBJMAP).
Rock assays from the Albright Brook area (11251 to 11260) were performed by Activation Laboratories Ltd, Ontario, using method code 1H INNA (INAAGEO) / Total Digestion ICP. Rock assays from the Grant Brook Central area (11263 to 11274) were performed by Activation Laboratories Ltd, Ontario, using method code 1A3 Au-Fire Assay Gravimetric and 1E2 Aqua Regia ICP. Activation Laboratories Ltd runs internal blank and standard samples as part of their quality control.
The current exploration program does not cover the Main and Parallel gold zones which have an Inferred Mineral Resource of 214,800 tonnes grading 9.6 gpt Au (cut) or 13.48 gpt Au (uncut). (NI 43-101 Technical Report on the Golden Pike Project, New Brunswick, Canada for Portage Minerals Inc. by Paul Chamois, M.Sc. (Applied) P.Geo., Tudorel Ciuculescu, M.Sc., P.Geo. and David A. Ross, M.Sc., P.Geo., Roscoe Postle Associates Inc., August 19, 2011.)
|Devil's Pike Gold Property - Prospecting Survey - Rock Assay Results|
|Sample ID||Easting||Northing||Description||Sample width (m) or grab sample||Gold (gpt)||Silver (gpt)|
|Albright Brook Area (UTEM Zone 20)|
|Grant Brook Central Area (UTEM Zone 20)|
|11269||273612||5063655||Angular boulders & Subcrop/Bedrock||grab||1.65||0.2|
|11270||273704||5063655||Angular boulders & Subcrop/Bedrock||grab||1.56||5.7|
|11271||273704||5063655||Angular boulders & Subcrop/Bedrock||Composite of grabs across 3.5m||0.52||0.4|
|Notes: Grab samples are selective by nature and are unlikely to be representative of average grades.|
This press release was written by Roger Dahn, P. Geo. in his capacity as a Qualified Person (Q.P.) under NI 43‐101 regulations and Project Manager.
|We Seek Safe Harbour.||Foreign Private Issuer 12g3 - 2(b)|
|CUSIP Number 379900 50 9|
Forward Looking Statements: Except for historical information, this news release may contain certain "forward looking statements". These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. ("Globex"). No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the "Annual Information Form" filed by Globex on SEDAR at www.sedar.com
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